Swiss consumer prices drop by -0.4%

Driven by low oil prices and monetary policy, Swiss consumer prices dropped by -0.4% in January, according to the latest data released by the Swiss Federal Statistical Office (FSO).

Compared to monthly consumer prices changes a year ago, the inflation rate was -0.5%, compared with annualised rates of -0.3% in December 2014 and of +0.1% in January 2014.

Due to the Swiss National Bank (SNB) dropping the fixed exchange rate between euro and franc, prices of imported goods dropped by -2.4% compared to the previous month. Compare to last year, prices of imported goods have declined by 3.6%.